TMI BlogPenalty U/s. 271(1)(c) - claim of exemption u/s 10(38) whereas sale of shares was not through stock...Penalty U/s. 271(1)(c) - claim of exemption u/s 10(38) whereas sale of shares was not through stock exchange - company adopted LIFO method where as AO adopted FIFO method for valuation of shares - LTCG claimed as STCG and setting off to the business loss claimed - this is not a fit case for levying penalty - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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